This upbeat assessment follows a review of the public private partnership deal with NATS in July 2002, in response to the tragedy of 11 September 2001. Then the NAO said that NATS financial structure was ‘vulnerable to severe downturns in traffic’.
But following the disaster NATS went through a fundamental refinancing exercise so that ‘NATS now has robust finances, to which all the company’s main stakeholders have made equitable contributions’.
Part of the solution implemented by Nats is to save £170m by 2005/06 through reducing support costs, a pensions contributions holiday, and fewer air traffic controllers than was originally stated.
‘Compared to before the composite solution, the PPP now has a much stronger buffer of cash reserves with which to cope with possible future crises,’ the report said.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars